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tv   Countdown to the Closing Bell  FOX Business  September 14, 2012 3:00pm-4:00pm EDT

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♪ ♪ ashley: and you have been watching the transfer of remains ceremony marking the return to the united states of the four americans killed earlier this week in libya. tracy: you heard secretary clinton give us an inside scoop to all of them and remind us that these people risk their lives for us. we are going to take a break. we will be right back.
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[ male announcer ] get a 4-week trial plus $100 in extras including postage and a digital scale. go to and never go to the post office again. liz: good afternoon everybody. i'm liz claman. welcome to countdown of the closing bell. day three of our three days in
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the valley coverage. we are live in the heart of silicon valley on a day when markets are looking strong once again. this just one day after we had the federal reserve announcing that it would add more quantitative easing into the system. we saw a huge jump yesterday. tacking on more gains today. after 200 points to the upside yesterday, dow jones industrials up 41 points. expecting the biggest weekly gain in several months by this fed-fuelled rally. but not so fortunate, the u.s. dollar erasing the gains for 2012. it slumped to a four month low against the euro today. that's a big number, $1.31. yesterday we were at $1.28, $1.29 buying a euro. it's expensive to go to paris now. oil a big story up at one point over $100 a barrel. but as you can see, easing back down. at the moment a very serious reason why. so let's get right to it. tensions in the middle east and
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of course the death toll as rioters clash with police in africa and elsewhere in the middle east. as you know we just saw the transfer of remains for the four people killed in libya including the u.s. ambassador. anti-western protests on your screen right now. it is a sea of red. let's get to rick leventhal of fox news. he's in jerusalem with the very latest. rick? >> there have been roughly two dozen of these protests in two dozen countries across the middle east and northern africa on this day alone. many of them have been violent. many of them have seen the burning of the american flag and most of them seem sparked by outrage over this obscure low budget film that portrays the profit mohammed as a womanizer and a fake. one of the worst demonstrations we saw today in tunisia.
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in yemen today thousands of angry locals filled the streets. they were chanting anti-american slogans, ripping and burning the stars and stripes and squaring off with security forces who again fired tear gas and live rounds to try and control the mob. an elite marine rapid response team has arrived in the u.s. embassy in yemen to help secure that scene. a similar team was dispatched to libya earlier in the week. some of the worst protests were in sudan today. we watched as worshippers peacefully said their friday prayers and then rushed into lines of heavily armed riot police in sudan. then stormed a number of embassy buildings including the german embassy, they knocked down walls, destroyed security gates, set fires, broke some windows and voiced outrage over that anti-muslim clip on the web. >> translator: our message to president obama, he must apologize and put on trial those
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who produced the film. >> translator: [inaudible]. >> and some of these demonstrations have been raging for several days now. cairo, for example, we've seen hundreds of injuries reported and a few deaths as well, liz. and things seem to be getting worse at this point, not better. although it is important to point out that the size of the demonstrations are relatively small as compared to the size of the population and what we may be seeing is some very radical islamists a minority group that is speaking -- or trying to speak for the country as a a whole. liz: rick leventhal live in jerusalem, we thank you for that report. and the reflection if you were looking for it anywhere at least as the market is concerned was in oil prices. initially there was a spasm, above $100 a barrel, now we're
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below $99 a barrel. let's get to traders. we have traders at the nymex where oil is traded. also traders at the cme and new york stock exchange. i do want to start at the nymex. why the pullback? i mean you would think that nothing has really changed except the tension has gotten hotter and higher, yet the price of oil could not maintain the lofty levels. john? >> if you take the price of oil within the context of where it's gone the last four to six months, oil has put on a rather substantial gain, obviously breaking above $100 a barrel. want to keep in mind the brent wti dynamic, spread of $18 between that cross. the threat of spr, strategic petroleum release is also playing out there as well. some factors, based on the -- quantitative easing with what the fed has done. liz: and of course oil's denominated in dollars. let's get to the cme.
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you tell me, what is the one story today that jumped out at you where you said this is something to watch over the weekend? >> the one story that really took hold of me in chicago is the 1.7% yield that we're seeing in the ten year. you know, a lot of individuals thought that the u.s. was a flight to safety, a lot of traders positioned themselves for 1.4 yields over the next couple of months. what people are doing right now is really deciding to take the euro. the open check that bernanke has, 40 billion dollars, and he doesn't think the labor market will improve for two years. that's almost a trillion dollars in stimulus. look for a lot of upside to the euro to maybe going to 140 range by year's end. liz: that is an excellent point. just when you guys think that the -- you, all of us, think the market is going to do one thing, it does another. again, treasuries i would have thought those yields would come down, they did not, as you point out chris. let's get to the new york stock exchange. equities continuing to party
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here. does this go into monday, tuesday, wednesday,thursday? >> i think the hope that it is. you see the market has held up -- it is a positive thing down here for us. no surprise the market spiked up this morning. we have seen a little bit of a sell-off here, people coming in, investors taking profits. that's no surprise either. what's interesting to note here is the spike in volume. we like to see. that it adds some conviction to these numbers in here. and those investors that are on the side lines right now are probably thinking about maybe getting in and taking advantage of some of the performance we are seeing especially heading into the fourth quarter. liz: good to see all of you. thank you very much. i mean, this is a very active market right now. we have got it all covered, especially thanks to our traders. have a good weekend, guys. we also have to talk about something that's developing inside the beltway and that is more specifics as it pertains to automatic spending cuts that may kick in after the first of the year. let me get to rich edson in washington, d.c. looking at this. a lot of people on the republican and tea party side
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say spending cuts, spending cuts, yet, then we get the details, and there's some concern here. >> yes, specifically on defense, liz. this goes all the way back to that super committee when it failed to agree to more than a trillion dollars in deficit cuts. the consequences, hundreds of billions of dollars in automatic cuts across the federal budget and the white house has just detailed where these cuts will hit. the administration calls these cuts deeply destructive to national security. 109 billion dollars of annual cuts to defense and non-defense spending over the next nine years. half the cuts hit the pentagon. we're talking about 55 billion dollars in each category. the administration report says delays in investments in new equipment and facilities, cutbacks in equipment repairs, declines in military research and development efforts, and reductions in base services for military families, that's the effect of these cuts, says the administration. there are about 1200 items in this report, head to for a full list. liz, any investor in a business
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that serves the government needs to read this. generally non-defense is cut 8.2%. medicare providers are hit with 2% cut. 7.6% for other non-defense spending. it generally hits defense spending with an 8.2% reduction. perhaps no cut can demonstrate the effect of this especially at this time than 129 million dollars reduction for embassy, security, construction and maintenance. now, congress can still reverse this. this is part of the fiscal cliff and negotiations begin after the elections. back to you. liz: again, rich said there are 1200 points here. anybody who does business with the u.s. government, they should jump on there and take a look. you know, i know we have given you a lot at the top of the show to think about, a lot maybe to worry about, i will tell you something, in silicon valley, all they are thinking about is coming up with ideas. we are here in the headquarters of a company called flipboard.
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we first showed you one year ago when they weren't that big, they had a couple of employees. they now have 61 employees. this is their headquarters. that's actually a garage door. this is the garage start-up. they are the first social media magazine app. and at first they had about 2 million people looking at their stuff. now flipboard has 20 million people who have flipboard on their ipad, kindle fire, all of these things, now sort of been amassed under the flipboard name. it's a real feel when you talk about start-ups. you have people working on computers, etc. i want to show you back here in the kitchen, it's kind of cute, put all of these quotes up on the wall from when they first launched because it's sort of a let's keep everybody excited. when i use flipboard i feel like i live in the future. they have got all of these. let me walk over here. they were able to capture a
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conversation between rock stars. addicted to flipboard for my ipad. again, it is your classic start-up feel to it. coming up in this hour, we will be speaking with the two co founders. they have a lot of investment in here. they already turned down an offer to be purchased by google. that was the story last year. what's the story this year? able to charge 25,000 to a million dollars for their ads? why? because when you swipe through the flipboard these ads are super sharp, super gorgeous, and so much different than just a banner ad. we will be speaking with the flipboard people as well. and also the ceo of a company that works with -- you can't even believe how high-tech it is to sharp the screen as it looks on your ipad, tablet, whatever you do, it puts a special film. it's so star wars you can't even
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believe it. but first let's go to jeff flock on the floor of the cme. i know it's been very busy there today. jeff? jeff: i tell you liz, i don't often come up high here but i like to give you a whole expanse of the floor at the cme today because everything almost was up. take a look, you know, you might have expected oil to be up given what's happened in the middle east, but hit $100 for the first time in four months today, the contract now lower than that. corn was up even though that terrible crop report was out there. gold also up today. it was intraday high, six month intraday high. most everything up on the fed news and the weakness in the dollar. just a few exceptions, and i want to show you those exceptions too. natural gas, that is something that because of mild weather and, you know, essentially there's plenty of natural gas out there, that was down today. silver also on some profit
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taking. and feeder cattle today, when the price of stuff like corn goes up, the price of meat tends to come down. but it was a day that one trader told me, liz, was an angry rally. we don't like what the fed did, but we've got to trade it. liz: yeah, you don't fight the tape, just go for it, it doesn't matter how you personally feel, just go with the actual move of what's happening with the markets. speaking of which, let's get to nicole petallides on the floor of the new york stock exchange where just a day or two where apple announced the iphone 5, she's looking at apple. nicole: i'm taking a close look at apple which has been approaching $700. hit new all-time high today. this on the heels of the iphone 5. it is sleeker, thinner, more powerful. it has all these extra features. i can tell you that apple is already noting that they've already sold out their initial stock. i went to a verizon store today where the man there told me he's
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been so busy getting all these orders in, more than he's ever seen before. analysts are talking about iphone 5 fever. and some of them even have $1,000 price target. so as far as the iphone 5 being a drag or a blah or whatever, so far, that is not the case. indeed we're seeing the stock taking off today. along with the markets, liz. it's really been an unbelievable week. yesterday gained over 200 points. today up. not giving it any back. -- not giving any of it back. back to you. liz: tell me where we're going next, shannon? as we're live from flipboard? this is san francisco giants territory when you're talking about baseball. the giants won the world series a couple of years back, but the big story today courtesy of charlie gasparino is the red sox possibly putting that team up for sale. charlie, what's the latest?
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>> we do know that the red sox are not very happy with the fox business network and the reason why, liz, it's kind of interesting, red sox, you're big red. are you a red sox fan? liz: no, cleveland indians, can you get that right? >> i'm sorry. they are not very happy with the fox business network, essentially liz, we caught them with their proverbial hand in the cookie jar. the bottom line is this, we've got it confirmed from reputable sources that there was sort of a soft look at potentially selling the firm, they're mulling it. there was one person potentially approached about a potential buy -- purchase of the firm, like how much this person would be willing to pay for it. this has gone on. why is this going on? i will tell you, liz, this is the bigger story about the boston franchise and the group that runs it, run by mr. john henry. is the fact that that franchise,
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the fenway investment group has got some major money issues. there's no doubt about it. boston, underperforming team, big salaries, and on the other hand, that same group owns this liverpool soccer team which is essentially the mirror image of what's going on in boston, over in england, in the soccer league. which by the way, you know, english football as it's known is not an inexpensive venture. it is very expensive venture and they are spread pretty thin. we have been calling people up today trying to figure out who might be interested in the red sox. listen, it's a great franchise. they will get a lot of money. they would get probably -- the numbers i was hearing was 1.3 billion, i will get you they will get at least 2 billion. that means since john henry since buying the team a couple of years ago and going to two world series, this guy has been pretty good, would basically double his money or something along those lines. so we called around, who might be interested.
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comcast for example people say would be a potential buyer, the big media cable distribution company. sources inside comcast -- i went to sources inside comcast and they said they are not doing anything right now. that's where we are right now. i will say this, liz, i know you're in san francisco. and i'm in new york. but if you're in boston right now, this story, by the fox business network, is being talked about like there is no tomorrow. this is a huge story in boston. it is a huge story in the sports world, espn picked it up last night. pretty big stuff. back to you. liz: bingo, that's you, charlie. we love -- hey maybe buffett will buy them; right? thanks charlie gasparino. live from the flipboard headquarters, this is one of the star start ups here. we have the founders. they are getting ready. wave guys, say hi. they are smiling. they have a flipboard app that is getting 3 billion page flips per month.
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liz: you know what? the the markets are still continuing on a roll. but it's the nasdaq getting a real punch. all this week we have been live for three days in the valley here at silicon valley. take a look at some of our best of moments. >> tim of pandora, cofounded the internet radio company. they are big in the news too because you remember last week there was a rumor apple may start with its itunes library, a similar service. what does he say about that? >> our strategy -- [inaudible]. that's our mantra inside pandora. over the years competition has come an gone -- come and gone. we've just repeated that mantra to ourselves.
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>> return to fiscal sanity. we have to fix the debt. we can't spend money we don't have. this has to get resolved. >> the thing we really care about is not how big your network, is but how engaged they are. so when you share contact, how do they react? who reacts? you know, how interested are they in the specific topics you are talking about? liz: this is a flexible display lab. what do i mean by that? at some point, when they can figure out how to make it happen, you will actually have a screen that can roll up, this is a part of it, that can roll up like a newspaper. >> my view as a pc business is not dead. i know that business, what people say in the media it is not true. it may be slower growth than it was in the past, but compute is here to stay. >> my view is we have to ultimately offer a smart phone because in many countries of the world that is your first computing device. >> i'm hopeful we'll be able to do -- [inaudible] -- 12, 15
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years that's our aspiration. liz: that's what this is all about here, aspirations. i want to show you this, we have seen this on the wall at flipboard. we have a strategic plan, it's called doing things. that's a quote. if you're looking at a computer screen, or say, for example, a television screen, like a samsung and you are amazed by the array of colors, there's a good bet the ceo of this next company had something to do with it. -- there's a good bet that this next company had something to do with it. let me introduce you to that company's ceo. tell me in regular terms what your company is doing right now. >> we're making crystals that
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are one ten thousandth the diameter of a human hair. liz: as i understand it, it allows the human eye and the human brain to see an array of colors that is more than what we can normally see. you can only see about a third of what our potential is. nanosys enables more how? you use a thin film? >> yes, we use a thin film, a sheet that's filled with our nano crystals, and it's able to reproduce color more accurately. the technologies they are using conventional lcd. you get more true to life experience, whether you're looking at a monitor, your desk, your home television or even in your portable devices. liz: deals with samsung, lg, nur their products -- you are in their products. you have a new deal with 3m. what are you doing with them? >> 3m is a great manufacturing partner for us. they are really experts at
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making this type of film type product, all sorts of different films, scotch tape and many of these types of things, so they have really helped us expand our capacity and be able to access even more customers. liz: you've got 20 patents to your name. oh and by the way, he helped co-create the mouse? which part of it? the optical mouse? >> that's right. liz: you know, he's not very bright. [laughter] liz: what's next for you? when will you go public? >> we're certainly looking at the markets and our financial results and gauging that all the time, at this point. liz: when you say looking at the markets, what would be the right atmosphere for nanosys to jump in. >> we saw excitement with companies, particularly renewables, that sort of waned a little bit, so right now we're
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seeing how things evolve in terms of whether or not there will be a resurgence, an interest into the materials type of technology. liz: look how thin this is, but it enables an unbelievable array of colors to come through your tv or computer screen. great to see you. thank you very much for being here >> thanks, liz. liz: this is a classic silicon valley company that we love to talk about here, because they are innovating and doing all kinds of different things. but coming up next, the co founders of this company, flipboard, what a great story, just a year ago we profiled them. coming up, they have grown exponentially, companies like levi's an vanity fair -- and vanity fair are paying them big bucks. stay tuned.
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>> i'm adam shapiro with your fox business brief. nyse euro next reached settlement with sec with improper distribution of market information by new york stock exchange. this marks the first time the sec has brought charges against an exchange. nyse will pay a 5 million dollars penalty and will hire an independent consultant to evaluate its current u.s. compliance systems. shopping on amazon will become more expensive for california customers saturday when the on-line retailer starts charging sales tax. after a long battle with the california legislature, the two sides reached a deal back in 2011 that includes a one-year grace period set to end tomorrow. moody's has a dimmer outlook for u.s. life insurers as its
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lowers. moody's adds that high unemployment, weak consumer confidence and fiscal tightening will constrain the top and bottom line growth. we continue our countdown to the closing bell with nicole petallides. nicole: we are on the floor of the new york stock exchange where the traders are getting ready for that closing bell. some of the most actively traded stocks here, bank of america, nokia, citigroup, sprint, some of those are the most actively traded stocks on the floor of the exchange. we have had unbelievable week on heels of fed head ben bernanke delivering everything traders had hoped for on a silver platter, bond buying, extending low rates into 2015, a highly accommodative fed. take a look at facebook. it jumped yesterday. jumping again today on the heels of the fact that we heard from mark zuckerberg talking about growth in the mobile area and
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doing exactly that, shifting around their engineering team so that they can make mobile and smart phones a top priority. and that has moved facebook again to the upside as well. so lots of green on the screen, folks, on a day where we are wrapping up. i should note one last thing, liz, is that eagan jones did cut our rating to the united states of america to double a minus to double a. traders say if you see any selling, more middle east and were ris over -- and worries over the weekend. back to you. liz: thank you very much nicole petallides. our trucks for fox business has pulled up just a stone's throw from stanford university to talk about this next company. only in silicon valley do you go from 0 to 20 million in the blink of an eye. when we first profiled this on-line social magazine, flipboard, yes we're entering the garage door now, they had
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about 2 million customers, today they have 20 million people who have down loaded the app and everybody is reading it but more importantly perhaps for anybody who is interested in making money off this company, their ads, billions of people are reading the ads and flipping through them every single day. we're joined -- look at them, they are smiling. these are the co founders. good to have you both. >> thank you very much for being here. we should do this all the time. liz: guys, i mean, you've had such an unbelievable success story, from a year ago when we had you first on three days in the valley, you had just turned down an offer from google. in retrospect, smart move? >> i never confirmed that but i would certainly say in theory that's a smart move. yes, we're very happy with how things have gone. we have had a tremendous amount of fun. we have been growing our user base, adding more to the product, it's been a blast. liz: you said adding more people. i heard you talking to some
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people and said man yesterday we got what, 100,000 more people in a day? >> added 100,000 users just yesterday alone. liz: that's 100,000 customers just like that, not bad. evan, how did you guys meet to start this company? >> we met at a starbucks in san francisco, and i, you know, figured that the guy sitting at the table by himself holding an iphone was probably mike and kind of went from there. being co founders is almost like being married. liz: you were an apple engineer? >> yes, i was working at apple. liz: you came up with the idea. how did it go from there to where it is now? >> you know, we were thinking a lot about the same problems early on, information overload on the internet, too much to read and too much to sift through. coming up with better ways of digesting thing. on the visual side and information filtering side >> they aggregated it into
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what's called flipboard. i want you if you can just show people -- >> absolutely. liz: i did this this morning with a little help from mike's wife and it was so easy to do. >> this is the cover of the magazine that you can flip past. you can add anything you want to your flipboard. here i have my facebook feed. i have the new york times. i have all things digital and i can tap into any of these things. for example, let's go into flipboard picks. these are just really great articles and videos and images that we find interesting and they share it with our 20 million readers every day. liz: what i did is i went with news business. i did sports because of course, you have to have that. but it aggregates all the top stories and puts it all together. but the making of the money, the ads. show us some ads. levi's is a big one right now where you have had a big big deal with levi's and it's several pages worth. how can you be sure people are actually looking at the ads
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themselves? >> so the way it works is that what we do is we enable publishers to actually put ads within the pages of their magazine. so this is details magazine content on flipboard. here's a full page ad that they sold to levi's. levi's basically has this really beautiful ad and when you tap on it, it actually takes you to levi's magazine which is also on flipboard. this is made up of all sorts of different articles and things but very importantly you can also buy these things. you can tap on them and you can actually buy on any of these items, so here for example i can buy this scarf if i wanted to. and it just -- it buys it on flipboard directly and so it's a social catalog. liz: 25,000 to a million dollars, people are paying for those ads to be in flipboard because they are so much prettier first of all than the banner ads, sure, you can prove that they are actually using
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them and looking at them. evan, show us where you sit because i want to give you guys that real feel of what a start-up is like. these are the founders, the big guys; right? >> i sit right here kind of in the middle of everything. mike sits right this kind of across the way. liz: this is mike's desk. >> everyone in the office has big noise cancelling headphones on their ears so they can get work done. liz: i see this quote. >> this is from ronald reagan, his desk, he had this -- liz: you stole it off his desk? >> we bought it at the reagan library. somebody gave it to me as a gift. it can be done. you can do anything. that's reflective of the silicon valley, the attitude and spirit here, you can do anything. liz: let me throw the usual question you always get. ipo, you have a lot of investors, they probably at some point want to cash in, now they are getting all quiet.
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[laughter] >> it's about building something that is really going to be a great company and a great product with a really solid business model. that takes time. ipo is a milestone along the way. liz: where? >> it's a free app for your ipad, iphone, android phones as well. half of our users are outside the u.s. flipboard is really personalized for you wherever you are. liz: kindle fire? >> yes, it works great on the kindle fire. liz: we will keep following you. that's what we do at fox business. it's a great story. good luck with flipboard. >> great to have you here. liz: it was easy, i'm kind of lame at these kinds of things, but i was able to do it right away. you can pick and choose. aggregates what's out there every single day. one stop shopping. make sure to put on there too. when we come back, sandra smith
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liz: if your money is in stocks, you have done well this week. because the market has rallied strongly for more than a couple of days. sandra smith with the week's big movers. sandra: yeah, and liz actually we're tallying it up right now at the last few minutes of trading, less than ten minutes to dposm -- go.
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you are looking at the major averages. the nasdaq better performer here. a couple of numbers to watch here when we're looking at the dow at 13,562. we closed last friday at 13,306 so you're talking about 260 or so point gain on the week. and this is a weekly chart to give you an idea of that big spike, especially after the fed's announcement yesterday. that's when we really got the juice for the markets. the nasdaq, tech stocks have been thriving this week. obviously apple a big winner hitting all-time highs. looking to close the week right around 3180. best performer of the session. all major averages looking very strong. looking at nearly a 30 point gain for the s&p for the week. i want to jump into the dow though. take a look at the leaders on the session, actually give you a breadth of the market, caterpillar, dupont, united technology leading the way. you do have a mixed bag in
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today's session that's why you are not seeing huge gains. at&t right now one of your biggest laggards weighing on the dow. getting back to leaders on the session, some leaders on the day have been some of the leaders for the week on the dow. taking a look at caterpillar, up 2 1/2% right now. similar to the dow chart for the week. a lot of commodity related stocks getting big boost after the fed's announcement yesterday, here you have a spike. weaker dollar, bump in the commodity prices. case in point, alcoa, the aluminium giant doing very well. here's the one week chart there. it had a nice move from about 9 bucks to about 10 dollars a share. also looking at home depot, getting a nice bounce. a lot of retailers thriving on the fed's news this week. oil prices nearly $100 a barrel today. exxonmobile big oil stocks were huge winners on the week. that being said, take a look at some commodity winners for the week so far. look at crude oil prices, sitting at 98.95 to finish up
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the week, nearly looking at $100 a barrel here. here's the one-week chart, to give you an idea, flirting with that $100 level in crude oil. also gold is getting a big bounce after the fed's announcement yesterday of another round of bond buying. not a huge gain today, but following up on those gains yesterday. bulls say that's key, a couple dollar bounce there, but commodities big winners after that fed announcement. here are the major averages. as i hand it back to you, liz, those tech stocks are shining. back to you. liz: not bad at all. real heart of america, lately, especially here in silicon valley. when we come back, three companies you may not have heard of until they ipoed but now are among the best performers on the nasdaq. stay tuned. speaking of what's going on in technology, as i go to a break, here's the flipboard app, where we are, go to twitter, there's my twitter feed, @ liz claman.
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feel free to jump on. i will show you how easy it is to be able to go right over to flipboard. not bad. [ owner ] i need to expand to meet the needs of my growing business. but how am i going to fund it? and i have to find a way to manage my cash flow better. [ female announcer ] our wells fargo bankers are here to listen, offer guidance and provide you with options tailored to your business. we've loaned more money to small businesses than any other bank for ten years running. so come talk to us to see how we can help. wells fargo. together we'll go far.
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well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. the three companies that before they went public years ago, they might not have used them but they are among the more nasdaq have top performers. and ebay. we try to keep in mind they started small. they started as an idea.
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and they founded to ebay, have not listened to bankers ebay would never exist. those are three name is doing very well today. in the next hour, three days in the valley, let, cards and standisk and chief operating officer of electronic arts. they're facing a slowdown. the entire industry, that they threatened. let's get story from the gamemaker. they are going from basic memory chips and flash memory cards and camera cards to something so much more. they have all that coming up on "after the bell" but david asman, i will throw it over to you. dave: you just gave the secrets of the success of silicon valley.
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there are not many bankers. when you don't get pencil pushers let's go to nicole petallides at the stock exchange. i look at the vix. if you like a five year chart for the vix, you get worried when it dips below 50. but at this. every time it gets to the level where we are or close to it, it goes up and the stock market goes down. >> the market is over infox and that is what they're talking about. and boosting the everything around here is a new multi-year high. >> talking about continual --


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